NFL Media Insider Ian Rapoport reported Tuesday that the Giants were set to sign the veteran running back, according to a source involved in the process. The Giantslater announced the signing, which Fox Sports 1's Mike Garafolo first reported. Terms of the contract were not disclosed.

Jacobs is coming off a lost season with the San Francisco 49ers. He suffered a knee injury, barely played when he returned, then was given a three-game suspension for writing negative comments about the team on his Instagram account. He was waived prior to the playoffs.

Before his 49ers misfire, Jacobs had an up-and-down seven-year run with the Giants. His last real game action came during New York's Super Bowl run in the 2011 season. He rushed for 735 yards and eight touchdowns on 189 carries during the regular season and postseason.

It's unclear how much Jacobs has left at 31 years old, and it's hard to see him getting regular carries at this stage. At best, he's probably a placeholder until Andre Brown can return from short-term injured reserve.